MTR Virtual Solutions, LLC

Money and effective business processes go hand in hand.  Many small business owners become lax in how they handle their invoicing.  It’s important for small business owners to ensure that their invoices are delivered on time and with all of the pertinent information.  This post covers what a proper invoice should include.

Here’s a quick checklist for what all invoices should include:

• Service the client is being billed for, the more descriptive the better.
• Payment terms!  No invoice should be issued without payment terms.  If you use accounting software, this portion of your billing can be automated.
• The correct billing information.  What happens if you end up having to collect on the account?  If you do not have the proper billing information, this could complicate the collections process for you.
• The date. All invoices should be dated.  It’s perfectly ok to duplicate invoices using your accounting software, but it’s imperative to create a new date for that invoice.
• Your correct billing information for your business.  It’s important to make sure that the customer knows where to send the payment.
• A reference number.  A customer should be able to follow up with you on an invoice using an invoice or reference number.  Keeping track of the numbers issued is a must.

Many small business owners struggle with invoices.  Other small business owners have grown to the point where keeping up with billing can be cumbersome.  An individual overwhelmed with invoicing should consider adding on a virtual solutions provider or outsourcing the billing process completely to a firm that specializes in small business solutions.

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